Edison International is a holding company whose primary asset is Southern California Edison (SCE), a regulated electric utility that delivers electricity to roughly 15 million people across an approximately 50,000 square mile service area in Southern, Central, and Coastal California. SCE does not primarily generate its own power — instead, it procures electricity from its own generation assets, contracted producers, and the wholesale market, then delivers it over its transmission and distribution (T&D) network. SCE's earnings are driven by its authorized rate base, currently $48.2B, multiplied by an authorized return on equity of 10.03%. Every few years, SCE files a General Rate Case with the CPUC to set its revenue requirement, which then flows into customer rates. SCE's growth strategy centers on rate base expansion, with management projecting rate base reaching $67.9B by 2030, supported by $40.6B in planned capex over 2026–2030. This investment is primarily directed at distribution grid hardening, wildfire mitigation, grid modernization, and electrification infrastructure, with California's clean energy mandates providing a structural tailwind. Wildfire liability is a defining financial risk: California's inverse condemnation doctrine holds SCE strictly liable when its equipment ignites a fire, regardless of negligence. SCE manages this exposure through insurance, the state-established Wildfire Fund, and customer-funded self-insurance, though costs deemed imprudent by regulators fall to shareholders. The January 2025 Eaton Fire, where SCE's equipment was likely involved in ignition, has already produced $1.1B in recorded losses, with total exposure still uncertain.